Miners withdraw electricity, countdown waiting for Ethereum to merge

Many miners started pulling power, taking advantage of the sell-off of graphics cards when Ethereum's consolidation date was less than a week away.

“Binance will suspend the deposit and withdrawal of ETH and ERC-20 tokens at around 6pm on September 6 and 7am on September 15. Please ensure you have enough time to process your token deposit before the above time. ", the homepage of Binance last week announced the event The Merge - merging the Ethereum network.

The above information is shared in cryptocurrency groups in Vietnam. Many miners started turning off the power, withdrawing tokens to their wallets and waiting for the event date. On the evening of September 6, after the number one maintenance milestone, many miners said that they were able to deposit and withdraw normally again. However, the new 9/15 mark is especially important because this is where Ethereum network consolidation takes place.

An advertisement for sale of buffalo plows on a group of cryptocurrencies.
An article for sale "buffalo plow" on a group of cryptocurrencies.

"I received dozens of messages from friends reminding me to withdraw. I still don't know what to expect after The Merge takes place. In the worst case scenario, when the ETH price 'collapses', miners will suffer losses. heavy due to lack of liquidity," said Hoang Quan, a cryptocurrency miner in Dong Nai.

After three years of mining, this is the first time Mr. Quan had to stop the mining rig. He said, if calculated at the current ETH price, mining is still profitable. However, the risk is that the mined tokens, if not transferred to the exchange in time for liquidity, may lose value after the consolidation. "Instead of suspense, digging and like a fish lying on a cutting board, I decided to stop and wait for The Merge to play out," he said.

On the mining forums, many miners are also taking advantage of the liquidation of buffalo plows . According to Ngoc Can, the administrator of a large cryptocurrency mining group in Vietnam, about two weeks ago, the number of people selling graphics cards has been increasing day by day. Miners sold off but there were almost no buyers.

"Many people don't want to take the risk. They want to recover their capital because there is a high probability that they can't continue to mine ETH after September 15. However, liquidation is not easy when the market only has sellers, no buyers. Team. The 'buffalo driver' constantly pressed the price, creating panic, making the market even more chaotic," Ngoc Can said.

According to the announcement of the Ethereum development team, The Merge will officially take place on September 15. This is one of the most important events of the crypto community. If the merge event is successful, the Ethereum blockchain network will switch from a Proof of Work (PoW) algorithm to a Proof of Stake (PoS) algorithm. At that time, the miner will be removed from the Ethereum network , a series of miners may have to "beam".

To avoid this bad scenario from happening, many major miners are proposing a hard fork of Ethereum into two networks. In addition to the new Ethereum network with POS mechanism, these people want to split up another Ethereum network under the POW model, called ETH POW for short - allowing to continue mining ETH after The Merge takes place. At that time, the miner holding ETH will receive the token on the new chain. However, there is no guarantee that the tokens from the Hard Fork will have any value.

In Vietnam, the majority of miners are mining Ethereum, so The Merge is considered to have the greatest impact on the community. Experts estimate that, whatever the outcome, the September 15 event will cause a strong disturbance in the community. However, no one is sure whether these effects will be positive or negative.

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